As a consequence there is a rapid increase in calculation of the worth of the real property until indefensible levels of the prices are attainedwhich are in accordance with their incomes and other indicators of economy describing the measure of affordability.These result in a decrease in the prices of the houses and the owners face the crisis of negativeeconomy which means that mortgagearrears are higher than the value of the property itself.
In March 2012, ISDA issued a statement declaring that Greece, by means of passing legislation that forces losses on all its private creditors, has triggered the cost on default insurance contracts, thus instigating a credit score event.
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